Oil price hike: UK motorists furious as petrol hits ‘miserable milestone’ at 190 pence per liter | United Kingdom | News

The price of a liter of gasoline rose to 190 pence from 188.70 pence at the beginning of the week. West Texas Intermediate crude sold at $107.62 (£87.75) a barrel on Friday night while Brent crude sold at $113.12 (£92.23) a barrel.

Although in percentage terms, both numbers indicate a slight increase in prices, there has been a sharp drop in oil prices this week.

Recently, on Tuesday, WTI was selling for $111.75 (£91.10) while Brent crude was selling for $115.23 (£93.95).

One of the reasons for the decline is the oversupply in America stimulated by the US federal government.

However, despite lower wholesale prices, UK motorists have not felt the impact.

Diesel, for example, came a little closer to the £2 per liter mark, setting a record of 198.46 pence per liter, up from 196.06 pence at the start of the week.

The AA said refueling a truck with an 80 liter transit tank fuel now costs £158.77 compared to £106.90 a year ago.

The Automobile Organization argued that consumers face ever-rising prices when “pump-fed costs are reversed.”

Luke Bosdet, a fuel price spokesperson at AA, questioned why their customers were “increasing misery” with the fuel trade.

Read more: Pensions set to rise 10 percent with triple re-locking

RAC fuel spokesman Simon Williams said motorists’ outrage was justified.
He said: Drivers have every right to be angry about this.

“While there is no doubt that wholesale costs for gasoline rose significantly a few weeks ago, that is not the case now, so prices must start to fall for fuel retailers to maintain credibility with their customers as well as not attract negative attention to competitions. and Market Authority.

Following a request from Business Minister Kwasi Kwarting, the authority is conducting a review of the fuel market and how the government can improve the situation for the public.

A government spokesperson said it was “significant” to agree to the fuel tax cut announced in Chancellor Rishi Sunak’s spring statement.

They said: “The Competition and Markets Authority is conducting an urgent review of the fuel market to ensure drivers get a fair deal.

“The 5 point fuel surcharge cut is the biggest ever reduction in fuel surcharge rates and will save the average car driver around £100.

“As an essential part of our support to help people and families afford the high cost of living, it is critical that we ensure that they are taken everywhere.”

Leave a Comment